Two Credit Unions in County Galway are set to merge to create one of the biggest financial cooperatives in the country, with 100 staff and around 100,000 members.
The merger between St Anthony’s & Claddagh Credit Union and St Jarlath’s Credit Union in Tuam will have combined assets of €500 million, should their members vote for it.
The process will also need the Central Bank’s confirmation, in line with regulatory and legislative requirements.
Kevin Johnson, CEO of the Credit Union Development Association (CUDA), said that combining the resources of two of the most successful credit unions in the country will create one of Ireland’s most significant credit unions.
He said that this will be hugely beneficial for their members, local communities and Galway in general.
“CUDA, particularly through its collaborate digital development hub, the Solution Centre, is hugely impressed with the innovation and sector leadership shown by St Anthony’s & Claddagh and St Jarlath’s Credit Unions over the last few years,” Kevin Johnson, CUDA CEO explained.
“These credit unions have been at the forefront of some of our major projects which have benefited them and other credit unions throughout the country.
“These have included digital-marketing roll-outs, a retrofit home improvement scheme and a unique mortgage offering.”
The two credit unions have said they would build on an already strong relationship that has seen collaboration on many initiatives in recent years.
It is hoped that the merger will mean more products and services available to members, more opportunities for staff, and local communities being supported.
Kevin Johnson added: “Credit Unions have never been stronger both financially and reputationally, and with the advances they have made in digitising their services, they have significantly improved member experiences by making it easier for people to do business with their credit union.”